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...This paperwork includes ACC 206 Week 1 DQ 1 Ethical Issue
Stan Sewell paid $50,000 to have a business which allowed him to market software applications in the countries of the European Union. Sewell planned to sell individual companies for the main language groups of Western Europe-German, French, English, Spanish, as well as Italian. Obviously, investors thinking about buying a company from Sewell asked to see the financial statements of his organization. Supposing the price of the company to be $500,000, Sewell wanted to capitalize his own company at $500,000. The law company of St. Charles LaDue assisted Sewell create a corporation chartered to issue 500,000 shares of common share with par value of $1 for each share. Lawyers recommended the following series of dealings: a. Sewell's relative, Bob, borrows $500,000 from a bank and buys the company from Sewell. b. Sewell pays the corporation $500,000 to get all its shares. c. The corporation purchases the company from Cousin Bob. d. Cousin Bob repays the $500,000 loan to the bank. In the bottom line, Cousin Bob is debt-free and away from the picture. Sewell has all the corporation's shares, and the corporation has the franchise. The corporation's balance sheet lists a franchise purchased for $500,000. This balance sheet is Sewell's most effective marketing strategy. Requirements 1. What is unethical about this situation? 2. Who can be harmed? How can they be harmed? What role does accounting play?
Business -......

...ACC 560 Week 2 Homework ACC560 Week 2 Homework
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1)
Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $300,000 for the year, and machine usage is estimated at 125,000 hours.
For the year, $322,000 of overhead costs are incurred and 130,000 hours are used.
Instructions
(a) Compute the manufacturing overhead rate for the year.
(b) What is the amount of under-or overapplied overhead at December 31?
(c) Prepare the adjusting entry to assign the under-or overapplied overhead for the year to cost of goods sold.
2)
Crawford Corporation incurred the following transactions.
1. Purchased raw materials on account $46,300.
2. Raw materials of $36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,800 was classified as indirect materials.
3. Factory labor costs incurred were $59,900, of which $51,000 pertained to factory wages payable and $8,900 pertained to employer payroll taxes payable.
4. Time tickets indicated that $54,000 was direct labor and $5,900 was indirect labor.
5. Manufacturing overhead costs incurred on account were $80,500.
6. Depreciation on the companyâ€™s office building was $8,100.
7. Manufacturing overhead was applied at the rate of 150% of...